Subrogation Specialist
A Subrogation Specialist is responsible for recovering funds paid out in claims when another party is deemed responsible for the damage or loss. They negotiate settlements and manage legal actions related to subrogation cases.
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Sample Job Descriptions for Subrogation Specialist
Below are the some sample job descriptions for the different experience levels, where you can find the summary of the role, required skills, qualifications, and responsibilities.
Junior (0-2 years of experience)
Summary of the Role
As a Junior Subrogation Specialist, you will assist in recovering payments from parties responsible for our clients' losses. You will function as a crucial part of the legal team, focusing on the pursuit of funds from insurers and third parties that are legally obligated to cover damages sustained by our clients. This entry-level position provides an opportunity to develop negotiation and communication skills within the insurance and legal fields.
Required Skills
- Negotiation
- Critical thinking
- Time management
- Research
- Data analysis
- Teamwork
- Communication
Qualifications
- Bachelor's degree or equivalent experience in a related field such as insurance, legal studies, or finance.
- Basic understanding of insurance policies and coverage.
- Strong organizational skills and attention to detail.
- Excellent verbal and written communication skills.
- Ability to multitask and prioritize work effectively.
- Proficiency in using Microsoft Office applications and subrogation-related software.
Responsibilities
- Review and evaluate new subrogation files to determine potential recovery sources.
- Contact insurance companies, individuals, and attorneys to negotiate recoveries.
- Maintain accurate and up-to-date records of all subrogation activities.
- Assist in the preparation of case files for litigation when necessary.
- Collaborate with senior subrogation specialists and legal staff on complex files.
- Conduct research to support subrogation claims.
- Follow company guidelines and procedures for the subrogation process.
Intermediate (2-5 years of experience)
Summary of the Role
As a Subrogation Specialist, you will be responsible for recovering funds from entities who are legally responsible for causing damage or loss. You are expected to identify opportunities for subrogation and pursue recoveries through negotiations or legal channels.
Required Skills
- Strong negotiation and conflict resolution skills.
- Excellent communication and interpersonal abilities.
- Detail-oriented with strong analytical and problem-solving skills.
- Ability to manage multiple cases efficiently and effectively.
- Proficiency with industry-specific software and claims databases.
Qualifications
- Bachelor's degree in a related field or equivalent experience.
- 2-5 years of experience in subrogation, claims, or a related field.
- Proven track record of successful recovery in subrogation cases.
- Knowledge of insurance policies, coverage, and legal aspects of subrogation.
Responsibilities
- Investigate and evaluate recovery potential in insurance claims.
- Communicate with policyholders, insurers, and other parties to gather information relevant to subrogation cases.
- Negotiate settlements with third parties or their insurers to recover funds.
- Collaborate with legal teams to prepare for and assist in litigation, when necessary.
- Maintain accurate and detailed records of all subrogation activities.
- Stay current with changes in legal requirements and industry standards regarding subrogation.
- Provide input on the subrogation potential during claims reviews.
Senior (5+ years of experience)
Summary of the Role
As a Senior Subrogation Specialist, you will be responsible for investigating, negotiating, and resolving subrogation claims in a timely and efficient manner. You will utilize your in-depth knowledge of insurance policies and legal liability to recover funds from other parties that are legally responsible for losses paid by the company.
Required Skills
- Excellent investigative and analytical skills.
- Strong negotiation and conflict resolution skills.
- Effective verbal and written communication skills.
- Ability to work independently and make sound decisions.
- Proficient in the use of subrogation software and other relevant technologies.
Qualifications
- Bachelor's degree in a related field or equivalent experience.
- Minimum of 5 years of experience in subrogation or insurance claims.
- Strong understanding of insurance coverages, contracts, and negotiation tactics.
- Knowledge of the legal processes involved in subrogation.
- Proven track record of successful recoveries in subrogation cases.
Responsibilities
- Investigate and evaluate subrogation opportunities against third parties.
- Negotiate settlements with attorneys, insurance adjusters, and other parties.
- Collaborate with claims examiners and other departments to coordinate subrogation efforts.
- Maintain a portfolio of subrogation claims and monitor their progress.
- Develop strategies to maximize recoveries in complex subrogation scenarios.
- Participate in legal actions, including attending arbitration or court proceedings.
- Prepare and maintain detailed reports and records of subrogation activities.
- Provide expertise and guidance to junior subrogation specialists.
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